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Rand Paul Explains What The Dollar Is Backed By: "Used Car Loans, Bad Home Loans, Distressed Assets And Derivatives"
Having recently exposed the mainstream media's lack of objectivity in "slanted and distorted" interviews, Rand Paul has turned his focus to another staple of the status quo - his father's arch-nemesis, The Fed. As WSJ reports, Sen. Rand Paul unleashed a blistering attack on the Federal Reserve in Iowa on Fridasy evening, calling for an audit of the institution’s books and blaming it for fueling income inequality. "Once upon a time, your dollar was as good as gold," he explained, adding "then for many decades, they said your dollar was backed by the full faith and credit of government." Do you know what it’s backed by now? "Used car loans, bad home loans, distressed assets and derivatives."
As The Wall Street Journal reports,
Speaking to an enthusiastic crowd of Iowa activists, Sen. Rand Paul on Friday evening delivered a blistering attack on the Federal Reserve, calling for an audit of the institution’s books and blaming it for fueling income inequality.
Mr. Paul, a Kentucky Republican and likely 2016 presidential candidate, said the central bank’s monetary policies had contributed to a weakening of the U.S. currency and represented a threat to the stability of the economy.
“Once upon a time, your dollar was as good as gold,” Mr. Paul said, speaking at an event organized by the libertarian-leaning group Liberty Iowa. “Then for many decades, they said your dollar was backed by the full faith and credit of government. Do you know what it’s backed by now? Used car loans, bad home loans, distressed assets and derivatives.”
...
In his appearance, Mr. Paul delivered a speech heavy on libertarian themes—calling on fellow members of Congress to support his proposal to audit the Fed before pivoting to other themes such as privacy, surveillance, marijuana and changes to criminal sentencing.
“I think there needs to be some sunshine. I’m going to fight ’em, and we’re going to get a vote on audit the Fed,” he said to applause from the crowd.
...
The younger Mr. Paul said in his speech that the Fed’s book-keeping and monetary policies could lead to serious economic troubles, alleging that the central bank was deeply leveraged and that only an audit could sort out its current state.
“They’re leveraged three times greater than Lehman Brothers was when Lehman Brothers went belly up,” Mr. Paul said, referring to the financial services firm that went bankrupt during the 2008 financial crisis.
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He blamed the Fed’s interest-rate setting policies for making income inequality worse, saying that wealthy Americans could survive an era of low interest rates because they had a diversified portfolio of assets. Low-income Americans, Mr. Paul said, weren't seeing their wealth kept in bank accounts grow because of low-interest rates set by the central bank.
Mr. Paul also said that income inequality “seems to be worse in cities run by Democrat mayors, states run by Democrat governors and countries run by Democratic presidents.”
In addition, Mr. Paul expressed support for the Fed’s eventual abolition, though he said that the current rate of borrowing by the United States government was the reason a central bank was needed now.
“People say, ’Well, just get rid of the Fed’—which would be great,” said Mr. Paul. “But the reason we have a Fed is because we have debt.”
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Can one trade the sweat of one's brow before sweating? i.e. can a trader promise to sweat in the future in trade for something in the now?
I think we are all libertarians here (small L). Sometimes we really mess with each other but that is our nature. We simply distrust each other in many regards. We will not follow the leed sheep. I am at an impasse. I am not sure what I should do in political terms. I fought in 2008 and 2012. I am not sure what I can do. Keep trying to beat the horse to make sure it is dead? I am not sure. I think I did my part. Perhaps one more time but a lot of you folks need get on board here. I will do it if you back me. I want to know.
Good link!
The "Dick Cheney Savings and Loan whose only asset is unnumbered Swiss bank account" is priceless. Yeah that is a great link. I could not have done any better that what Grayson did there. Grayson has some other gems on you tube and you should watch them. This is another good one.
they all do the talk no one does the walk.
face it, the ussa's (and most of the rest of the world) political landscape is a desert populated by morons.
With the world saturated in debt, it is time to realise that banks are a one trick pony.
They issue loans (debt) and collect interest on these loans (debt).
For a company that produces real products, like Apple, once the market is saturated with the iPhone 5, you bring out the iPhone 6 and the whole cycle starts again.
In a world saturated with Debt 1, the banks need to come up with a new product, Debt 2.
I don’t think it exists.
Three pillars of sand our economic system is built on:
1.Fractional Reserve Banking
2.Federal Reserve Bank
3.Fiat Currency
The Federal Reserve is the "Long Term Capital Management" of the country.
As for Rand being a politician, as many stated below, I have to remind those people that this is his first crack at it. He used to work on eyes, remember? He was also raised by a straight talking, straight shooting father. I don't think that the apple fell too far from the tree. If elected to the WH, he'd have a massive job of housecleaning to perform, kind of like Hercules cleaning of the Augean Stables. I remember JFK saying he wanted to bust up the CIA and spread it on the wind. We can see where that got him. I pray that if he does get to the WH that he doesn't have to choose a VP like Bush. He has to choose someone even more radical and outspoken than himself, leaving the PTB scared to take him out because of the blowback by the VP taking over. The lesser of the evils, so to speak. I say give the guy a shot at it.
"I pray that if he does get to the WH that he doesn't have to choose a VP like Bush."
Or a CFR VP like Biden.
Rand is not Ron. Rand accepts lobby money and is owned. He's just smart enough not to be as obvious as the rest of the murdering, lying sacks of shit.
Kelly Evens is the sexist stupid cunt on the TV.
And also decades of zionist wars supported and propagated by buffoon christian zionists such as yourself.
And retarded left wing humanist Zionist cocksuckers like you
Zionist? ROFLMAO. You are as dumb as a box of rocks ace.
Yes.....
One person being elected is ( SAVE US RANDMITTJEBHILLARYELIBETH) I just know you can do it like the legend says you are the chosen one that can defeat the left, the right, Satan the moo slims, the matrix.) going to turn it all around, just like well let us see the the 2014 elections. Right and your elected saviors fucked you.
As in 2012, and 2010, an ad infinitum.
WAKE THE FUCK -UP! It is a massive con-game and you,me ,we are the mark. There will be NO change determined from an election. There is no cavalry, no knight. You want it fixed get off your ass and do something substantial:
Protest, walk off the job, don't support global chain oligarchs McDonald's, Starbucks etc. call Cspan on open lines and call their political guest mouth piece a fucking lying murderer. Got credit cards ? Cash them out and buy gold and silver guns tools booze and keep or sell the shit and file bankruptcy or call the credit cards company and tell them your policy is not employ criminals. Don't vote. Turn the freeway into a parking lot. Just some ideas that illicit notice and concern and are more effective at change
I'm with you, Jack.
I believe random acts of stupidity are the most effective way to promote change to reform the system.
Some of those random acts should involve throwing live cats at people.
That is both hilarious and brilliant I think that I'll try it!
damn we got posters who want every one of their viewpoints taken by a pol or else he's a fake..well those high standards are rarely met by any human.
Pauls both were always fresh air in the political cess pool.
those here who damn him: give us a pol you support? I will not hold my breath cause there is no one who can uphold your high ideals.
(or your a troll out to destroy support for someone who hates the FED)
See One Eyed Jack's post above
“People say, ’Well, just get rid of the Fed’—which would be great,” said Mr. Paul. “But the reason we have a Fed is because we have debt.”
what if, the reason we have debt is because we have a Fed?
We should be the FED and issue debt free money. The PARASITES will die
We will die.
When the hole thing comes down the Fed will blame something else.
The best thing to do is abolish the Federal Reserve and prosecute the fed presidents for high treason.
It's the people that employed them that are treasonous...
The dollar is backed by the US military and all of us that are working for the next fiat paycheck.
HA! The US dollar is backed by the skin on Janet Yellen's wrinkled old butt and you know what that's worth.
It's really backed by the illusion it bought you something yesterday...therefore it should buy me something tomorrow!
The full faith and CONfidence of the USGov.
Actually, just the opposite my friend. The US military is backed by the US dollar, if (when) the dollar collapses, so will the military and your fiat paycheck will be worthless.
America, don't be confused and cynical. Bibi will soon tell you what needs to be done.
I would fully support Senator Paul's Presidential candidacy but, if he were to somehow get himeslf elected, I don't think he'd last a month before meeting some untimely end.
I think that's a very sober conjecture, and I fear the same thing. Hopefully, he'd name Lou Rockwell or Tom Woods his VP: The establishment would be all over protecting him.
Failing that, were your prediction to come true, it might just be the fire on the short fuse this country's sane remnant needs to stand up and ensure that we ain't takin' this shit no more.
I want to throw up.I gave $ to Ron Paul.I even gave $ to Rand once.To be fair,I gave $ once to Howard dean.Ron's dad was a mason.Oue enemies are masons.
Hold on, hold on, hold on. So far, in these comments alone, the boogeymen are (in no particular order): Jews, Masons, the Military -Industrial complex, Soul trading (which would eliminate any religion that doesn't believe in that concept I suppose), repubs, dems and the Fed.
In no particular order.
Man, Zero Hedge on a Sunday is like Walmart between 0200-0400.
Time to bring out my aqua buddha for a hit...
Last year the US Dollar was "backed by guns", this year by "subprime junkyard loans, etc... ", next year it will be the Easter Bunny.
Is Rand a card carrying member of AIPAC?
Will he continue funding the MIC warmachine as usual?
Inquiring minds want to know.
When the henchman of the FRB states gold is not money then it should be obvious he and the bank he represents hasn't a clue and should not be in control of any nations monetary system.
Apples dont fall far from the trees that spawned them. He has my vote.
The apple has fallen far from the tree. The US dollar is solely backed by an 80,000 page tax code, and the willingness of the IRS and Judiciary to enforce it on every single american who is in some state of violation of it. Bondholders love that type of absolute bondage.
If he did not have close personal access to a teacher (father) who understands this, I would forgive his ignorance. Now I plan on voting for hillary as a Jimmy Hendrick vote. (watchtower lyrics)
One thing at a time. Taking on thbe Fed, much less the IRS, is enough for one speech. The sheeple have a hard enough time understanding and focusing on one idea without focusing on a seemingly more radical project -abolishing the IRS. You can't do it all at one time unless a violent revoilution would somehow overthrow the Gov (I am NOT ADVOCATING THIS -) Get rid of the FED first, by peaceable, non violent democratic means, and then we take on eliminating the IRS -again, by peaceable, non violent democratic means.
The fed does one thing. Print money. Get rid of them and they would (by necessity) be replaced overnight by another paradigm, including cryptocurrencies, PM backed, or the MacGuffin of constitionalist, currency issued by the government.
The US tax code is a war provisioning framework. Which would be fine, if that is all your nation wants to do. I want the stuff that free societies create, like culture, technology, personal responsibility, and rule of law.
You've read The Creature from Jeckyll Island!
Also, Mr. Paul got it wrong. We dont have a Fed because we have debt, we have debt BECAUSE we have a Fed.
The fed prints the money (monetary policy), but the catastrophic bubbles in used cars, housing, financial instruments, warmaking, tulips, IPOs, is always created by tax incentives and bailouts (fiscal policy). To blame the printing press for creating bubbles is like blaming the rain for making waterways, or degrading the acres, and acres of goverment motors cars in parking lots.
http://www.zerohedge.com/news/2014-11-03/gm-channel-stuffing-surges-most...
The larger the national and consumer deficit, the more money the Fed and members banks profit. Print and lend is the only way they'll make money for their 'shareholders'. And, if things don't go as planned, the taxpayers will pick up the tab, as usual.
We have the FED and the IRD Illegally.
Wow, really glad to see Rand Paul so eloquently telling that CNBC bitch to STFU and do some actual reporting rather than agenda-driven hack jobs.
>> said Mr. Paul. “But the reason we have a Fed is because we have debt"
This is true, however the debt was created out of thin air, and it can be destroyed the same way.
I am a bit disappointed that Mr Paul did not go there.
Um, this is a pile of gibberish.
The attitude is fine, but he shows zero or negative knowledge of wtf he's talking about.
Fail.
The World is getting to be a very dark, ugly, foreboding place. Beneath the veneer of Super Bowl Sundays, Christmas cheer, and the latest 'gear', lies consumerism designed to feed the World and drag mankind down into the abyss of chasing a vision that one can quite never attain. Worldly people revel in this atmosphere of cheer, good times, and constant noise. The wise, on the other hand, look at all this and see what is beyond the facade. They are not enticed. They are not purturbed. They are not confused. They act as if they were warned that it would be so. The wise calmly go about their business and patiently wait. They let the World worry about the World because they know that they are not of this world. This world is not their home. They are pilgrims and strangers here. Nobody cares about them because they don't drive a Maserati and their house isn't theirs but a dumpy little rental in a dumpy little neighborhood. But you know what? They always seem so content. I don't get it. You'd think they would scratch and claw to get ahead but instead they live day-to-day not going out clubbing or attend any parties. You get the idea that they know some sort of secret and couldn't care less about Worldly measured success. What can you do? That's life. Get used to it but make the right choices.
Its us.
or them.
Simple equation. Lets start the bloodLetting, I got nothing to lose.
I cannot understand why or how people even need or want a car loan in the first place. It's not that hard at all for an employed person to save up the necessary funds to be able to purchase a decent, mechanically sound, safe car without any loans. If you don't have the wherewithal to save for an expensive car, then you don't deserve to drive it, and forget about the fact that here you can find best direct lenders providing payday loans in UK. Now, if you need to invest in some sort of truck or van for work purposes, that is a sound decision because it will pay itself off with the earnings you generate by using it. But even then, you do not need the top of the line version of whatever vehicle you need for work.